Yocum Company purchased equipment on January 1 at a list price of $ 100,000, with credit terms 2 / 10, n / 30. Payment was made within the discount period and Yocum was given a $ 2,000 cash discount. Yocum paid $ 5,000 sales tax on the equipment, and paid installation charges of $ 1,760. Prior to installation, Yocum paid $ 4,000 to pour a concrete slab on which to place the equipment. What is the total cost of the new equipment?
$ 104,760 $ 108,760 $ 110,760 $ 101,000 6- Multiple Choice Question 98
A company purchased factory equipment for $ 350,000. It is estimated that the equipment will have a $ 35,000 salvage value at the end of its estimated 5-year useful life. If the company uses the double-decliningbalance method of depreciation, the amount of annual depreciation recorded for the second year after purchase would be
$ 84,000. $ 140,000. $ 126,000. $ 60,480. 7- Multiple Choice Question 175
On a balance sheet, natural resources may be described more specifically as all of the following except